The Potential for Herbal Medicine and Application
According to the World Health Organisation (WHO) Over 80% of the populations in some African countries depend on traditional medicine for primary health care. The WHO estimates that in many developed countries, 70% to 80% of the population has used some form of alternative or complementary medicine. It is also recognised by the WHO that herbal medicines are the most popular form of traditional medicine, and are highly lucrative in the international medicine market.
With global revenue for traditional medicines growing exponentially at US$ 60 billion annually, Nigeria is yet to tap into this alternative medicine market, Business Day investigations have revealed. China, India and Thailand spearheaded the global herbal market, which currently has a huge annual turnover of $100 billion.
The country lags behind countries like China and Brazil, which are raking in revenues of US$14 billion and US$160 million respectively.
What is being witnessed in recent years in Nigeria/West Africa is the very rapid growth of packaged and branded herbal products with an increasing demand by consumers. Driving this growth are:
• Increasing use of herbal health products by the over-40 years and the youths (18 – 29 years) population segment, whose numbers are increasing.
• increasing awareness that herbal health products are effective and based on natural ingredients with no side effects.
• Increasing consumer confidence due to the branding and packaging of Herbal products with NAFDAF Registration Numbers.
• Affordable price and accessibility.
Now that herbal medicine is going “mainstream” Bevekt Gedu with its thorough bred pedigree and erudite founder is well positioned to support the health and well being of a large segment of society.